Lahore Real Estate Forum

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(74796)
Thursday, June 30, 2016 12:37 AM PST 
Geo News TV report on Property Tax

Geo TV presented more than 15 minutes report specially on this topic.

Key points were...

DC values will be no more used

SBP and FBR referenced bodies will evaluate the value of property at time of sale purchase.

If the person shows wrong value, then he will have to give additional 100 percent penalty on top of tax. Moreover 2 year jail term can also be given for this violation according to new law.

If there is deal going on worth 10 million then it will go in Govt documents as 10 million. So buyer will also have to show that 10 million white money. If he fails to do so this could also mean trouble. Similarly it will also be added to FBR record that seller has earned 10 million. FBR can also use all this record for future taxation purpose of buyer and seller.

User_12596® replied on Thursday, June 30, 2016 12:43 AM PST 

Sher aya sher aya. Patwari minid zinda bad. Ishaq dar zinda bad.

AHMAD HASSAN® replied on Thursday, June 30, 2016 12:47 AM PST 

In my opinion, this is an excellent policy. This will help to stop unnecessary appriciation of property as well as stop black money makers to jump for short time & increase rates only. One more benefit I see that this will give fair chance all to make assets for their families. But actual problem of Pakistan is implementation of policies. We ve to wait.

Please Register replied on Thursday, June 30, 2016 12:57 AM PST 

So it means new buyers will only be overseas since most Pakistanis living and doing business in Pakistani never shows their source of income and pay income taxes.
Seems like it's prexit after brexit.

Let's see what happens in coming weeks.Property_source

Habib replied on Thursday, June 30, 2016 01:15 AM PST 

This will rather decrease revenue and poison Property business and all other business connected to it.

Password Not Properly Entered replied on Thursday, June 30, 2016 01:35 AM PST 

Good news for the county finally loopholes are being closed but property bubble may take a hit. Complete money trail is being created. I was recently in Pakistan and was not able to open bank account cz my finger prints where not matching to nadra system connected to bank. Just imagine full cycle is connected to NIC and finger prints so no get away atleast in cities.

Real Estate is best replied on Thursday, June 30, 2016 01:36 AM PST 

still buyer seller covertly deal in cash. FBR cannot force seller to sell a plot in 10 million. seller can say that i will sell for 60 lac rest 4 million he can take in cash. what will fbr do then? this policy is going to adversly effect govt. revenue which they collect through cvt stamp duty etc
policy maker tey LAKH DI LANNNT

Kureshi® replied on Thursday, June 30, 2016 01:36 AM PST 

Dear Ahmad , no offense but I would like to see your comments after 1 sale and purchase event after this policy in Pakistan.

I think this policy is too harsh and will never be implemented in true spirit and will result in destroying the property and associated industry.

Arif M® replied on Thursday, June 30, 2016 01:43 AM PST 

Real Estate is best, Do you really think that common people will feel comfortable dealing in cash? 4 million cash? yahan koi kisi pa 1000 ka bharosa nahi krta aur ap 4 million ki bat kr rahay hein.

That apart, FBR will charge tax on market value (as per their evaluation) regardless of what buyer and seller say. They are Govt. authority and common person will have to pay tax as per their evaluation. That is the law and they can enforce it.

Real Estate is best replied on Thursday, June 30, 2016 01:52 AM PST 

well You and I both are here(bashart e zandgi) we shall see...

Hawk Eye replied on Thursday, June 30, 2016 02:03 AM PST 

It will seriously hit the property market.In coming few days property value will see little bit down.fall or I can say less sale and purchase.

Rana_Australia® replied on Thursday, June 30, 2016 02:04 AM PST 

Kuch bhi nahi hoga ..Kabhi kuch hooa hai ??????? Aik stay order in High Court and all tax dance ceases .......Note today's date and six months down the line ''NOTHING WILL HAPPEN ''

MIT® replied on Thursday, June 30, 2016 02:39 AM PST 

This is another window of 'corruption' to make real estate trading more difficult. People want to pay taxes but on 'reasonable rates' for the function of State. When the rulers/lawmakers themselves are avoiding taxes by taking money out of country how a common citizen will do what they don't want to do?.....Leaders are copied by masses. This 'act' reminds me of the stupid action this Party took in past by freezing the Foreign Bank Accounts of its citizens. They lack both vision or skill to manage the economy. They should have come up with some better viable solution, at least by enhancing the DC values or certain slabs instead.

AHMAD HASSAN® replied on Thursday, June 30, 2016 02:47 AM PST 

@ Kureshi, I am 100% agreed with that this won't be implemented in true manners. Before GOVT was getting something in terms of fixed value. Now GOVT will not get even this.

Kureshi® replied on Thursday, June 30, 2016 03:15 AM PST 

Ahmad sb, thank you for your positive response. I too agree with the spirit of your comments. Let's hope this gets settled or many innocent will loose their hard earned money and real corrupts will get away with a big greedy smile.

Jameel Mughal® replied on Thursday, June 30, 2016 03:28 AM PST 

This strategy in Musharraf Time in 1999 Failed badly and resulted in worst slump in market, At that time he tried to recover money from the big fishes, Forgetting that money have no boundaries and and rich people are smartest that is why they are rich.
Bleeding the people who investors and revolve the circle of economy will never work. At the end poor will be suffer.

FAA.awan replied on Thursday, June 30, 2016 04:29 AM PST 

Ishaq Dollar is the worst monster of pakistan history,Nawaza league govt is against property business,therefore they are creating hurdles on the way.En sab leagui lanatio ny tax ko khna hai FBR ko Nawaz shriaf gang nazar nahi atta.I think awaam kud koi rasta nakal lye gay.

Kureshi® replied on Thursday, June 30, 2016 06:40 AM PST 

Right said Awan sb and Jameel sb. Let's hope Rana sb ki baat such sabit ho.

User_6006® replied on Thursday, June 30, 2016 02:12 PM PST 

Mjy to smjh nahe aa rahe jang newspaper mein likha hai is se log property se paisa nkal kr industry pe lgain ge or gdp increase ho ga , energy crises khtm yeh govt nahe kr ski , battein check kro .IMF krwa rha hai or 20 sal tk next jan nahe chory ga pakistan ki or hardworking people ko he apni aesi taesi pher kr qarz utarna pry ga lgta . We demand if they want to implement these taxes bring nawaz sharif to court , bring zardari to court get their corrupted money back ,no more loans from imf cut off army budget 40% then we will pay .yes more corrupted way now will introduced too

User_19581® replied on Thursday, June 30, 2016 03:19 PM PST 

Jo b FBR wala evaluation k liye aaega, uska monh bharna parega aap dekhna yeh rishwat ka bazar garam hone ja raha. Govt officials r greedy dogs i m experiencing now a days how they make a way to eat HARAM.
>
(74795)
Wednesday, June 29, 2016 10:01 PM PST 
For Sale @ UPN, and Buying Requirements

<=== Latest UPN Inventory: 29 June, 2016

:1) :1) :1) :1) :1) :1) :1)

For Buying/Selling in Bahria Town, Please Contact:

Rana Adnan Mudassar
Bilal Shamim
Waqas Naseer
Muhammad Roshan
M. Saleem Ch.

Shahid Yousuf
Iftikhar Ahmad
Mian Zeeshan Rasool
M. Imran Ch.
M. Nabeel

Best Regards,
Universal Property Network
(affiliated with Lahore Real Estate)
https://www.lahorerealesate.com
https://www.lahorerealesate.com/Ads
22 A, Main Boulevard Commercial
(In Front Of Roshaan Center, Near Green Pharmacy)
Sector C, Bahria Town, Lahore

+ (Whatsapp Text)
email:
http://www.ourupn.com

:1) :1) :1) :1) :1) :1) :1)
>
(74794)
Wednesday, June 29, 2016 08:55 PM PST 

Dear CMY, Jameel, Arif, Habib Sab & other Experts,

Please guide me for investment, My budget is 42 lac.

I am confuse between DHA MULTAN 1 Canal File and Prism 5 Marla.

I need to invest for Short& long term.
Where i can easily sell anytime without loss.

What will be the price for both after 1 Years.
What will be the price for both after 2 Years.

Which one is more gainer

Appreciate your suggestions.

Habib replied on Thursday, June 30, 2016 01:17 AM PST 

Multan Good Option but bit of risk of down side
DHA Phase 9 J Block Modes Gain and No risk down side

This this time I will Concentrate More on property with Less risk, as many issue can welcome Slump

Arif M® replied on Thursday, June 30, 2016 01:51 AM PST 

Brother, both these options are long term.
DHA Multan is better but should be at least held for 2 years or may be till ballot.

As per CMY, Multan prices may come down in a couple of weeks when the supply opens up for affidavit files. So you should wait for supply to open up and in the meanwhile also observe the impact of new taxes on market.

Once things become clear you can take your decision. But in my personal opinion, Property will be no more a short term investment after these laws. Lets see.

AHMAD HASSAN® replied on Thursday, June 30, 2016 02:49 AM PST 

But 5 marla plot in Prisim

Tariqq replied on Thursday, June 30, 2016 08:06 AM PST 

I intend to sell my ideally located plot in J Block upper cutting. Pls
contact me through LRE, if interested.
>
(74793)
Wednesday, June 29, 2016 05:45 PM PST 

Unable to reply to posts, always get error.
>
(74792)
Wednesday, June 29, 2016 05:33 PM PST 

Dear LRE

Please assess sale price of Plot A-152 Phase-6 DHA Lahore. Please also advice to keep it for further gain or sale it.
Thanks.

LRE® replied on Friday, July 1, 2016 06:27 PM PST 

Dear Sir,

Phase 6 near A 152 is valued around 185 to 190 lacs

Hassan Raza
+923028449766
Lahore Real Estate
Email:INFO@LREPK.COM
>
(74791)
Wednesday, June 29, 2016 05:28 PM PST 

Dear Sir

Pl.evalute the current rate of 4 Marla Commercial Plot MB #189, phase-6.

Thanks for your cooperation and support.
>
(74790)
Wednesday, June 29, 2016 04:37 PM PST 

Dear UPN

Please evaluate the plot with the following detail:
Plot # 467, Talha Block, Bahria Town, Lahore.

Thanks and best regards
>
(74789)
Wednesday, June 29, 2016 04:22 PM PST 
DHA Lahore Phase 10 Tags On LahoreRealEstate.Com

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(74788)
Wednesday, June 29, 2016 03:53 PM PST 
DHA Phase 8 block Y 10marla

Dear Experts,

A lot of people here has now become propety gurus and including CMY all your input are extremely helpful for beginers like me and many of us. Jameel , Ahmet, habib, surfer are very few names to mention and there are many more of you great guys out here. Thank you!

I have a question to ask, DHA phase 8 block Y has 10 marla plots and it's prices are not extremely high, how do you guys see this as an investment for coming days?

User_16407® replied on Thursday, June 30, 2016 03:28 AM PST 

listen to CMY audio on top Ph8 Y block not at all recommended due to
location and deep plots

Rest is your own risk
>
(74787)
Wednesday, June 29, 2016 03:20 PM PST 

Dear LRE Team.

Kindly evaluate my plot K-277 DHA P9 Prism.

Thanks and regards.
>
(74786)
Wednesday, June 29, 2016 03:18 PM PST 

Its a sad news. Experts comments required.

AHMAD HASSAN® replied on Wednesday, June 29, 2016 03:25 PM PST 

It should be like that. We should pay taxes and give space other to earn as well.

saima replied on Wednesday, June 29, 2016 03:53 PM PST 

Is this tax on buying or selling what is ghair munkoola ?

Jameel Mughal® replied on Wednesday, June 29, 2016 03:57 PM PST 

Case to case will open another way for corruption, this step will discourage many overseas investors. Market is Too dynamic goes up and down with only few buyers and sellers it is almost impossible if this property in 98 and will not be 88 next month.
lets wait for details.

HussainD® replied on Wednesday, June 29, 2016 04:16 PM PST 

I agree, it is going to open new doors for corruption. It could have been better to revise DC rates or something like that. I think it has been purposely done by FBR to open new avenue for their officers and grab some share from the booming property sector.

User_14317® replied on Wednesday, June 29, 2016 04:21 PM PST 

This new change with CVT will be big Upset for investor with short term investment specially. In other way genuine buyer who want to make house will take benefit.
In my opinion, Sharp price growth for hot properties will be stagnant now.

User_16051® replied on Wednesday, June 29, 2016 04:38 PM PST 

yes unless this noora govt is in place. stagnancy is expected. BTW what they want actually ? where should ppl invest their savings... NAtl Savings is all time low now (its un-islamic riba as well)... is there any other safe option for general public to invest their fortunes and get good earnings ??

shutting non-productive investment and creating productive investment mode is understandable. but closing every avenue for general public ?? whts the logic behind ??

Kureshi® replied on Wednesday, June 29, 2016 05:35 PM PST 

I wonder what will be the
transfer fee of a 4 and 8 marla commercial plot. compared to DC value , market value is 10 times.

Also how will you manage the sale in tax returns because at the time of purchase you fill up IT-5 form where you are almost forced to write the DC value of purchase. For phase 8 , DC value is 3 M while the market rate is 20 to 25 M. So if you sell before 5 years and show net gain of 15 to 20 M , which in actual is a gain of 2 to 5 M in 4 years based on DC value , how much gain tax one will be paying ?

Jameel Mughal® replied on Wednesday, June 29, 2016 05:46 PM PST 

Khrshid's Question is valid, But looks once details come there will some mechanism gain cant be calculated like this.

M Arshad replied on Wednesday, June 29, 2016 06:40 PM PST 

Dear Jameel Sb /CMY and other experts what would you asvice in current situation for any new investor. Should they wait for some time or not.
I am about to buy in Prism one Kanal and with this development very confused.

S.Hameed® replied on Wednesday, June 29, 2016 07:23 PM PST 

Instead of going case by case basis, it would be appropriate if our "hungry" Govt. can redefine DC rates of all the housing societies. This way people will pay more taxes to be used by our rulers for their overseas treatment and buying properties overseas (specially high rise towers in Dubai).

Case by case basis will only open new doors for corruptio(N)!

Khalid Azad® replied on Wednesday, June 29, 2016 07:26 PM PST 

In short it's going to welcome a big Slump in property.
Good luck for genuine purchaser.

Habib replied on Wednesday, June 29, 2016 07:49 PM PST 

I agree to Mr S Hameed This will good for Both Govt and investors.
@ Khalid every June we are worried but never slump comes for 3,4 Lac extra Tax, Most movers and shakers are immune of Taxes, Open File No tax, Biana deals no Tax

Real Estate is best replied on Wednesday, June 29, 2016 07:58 PM PST 

FBR is biggest "Chor" itself. this system of case to case evaluation is not pratical hence will not last for long despite implimented from 1 July

Real Estate is best replied on Wednesday, June 29, 2016 08:07 PM PST 

till date what steps FBR took against Noora league who bought properties abroad with looted money?
>
(74785)
Wednesday, June 29, 2016 02:47 PM PST 
LRE WhatsApp Group 146®

I will strongly suggest and requests that all non property posts should be avoided here. I know its little boring here these days but its normal. During Ramadan property market always gets dull as buyers sellers dealer refuse to do any thing at all. I will try my best to post more rates updates etc but to be honest I too need to use this slow time with my family and for my health as I been working very hard 16 to 18 hours since last year ballot of Prism DHA 9. We all should take some rest I think :)

Cation is needed any way to see actual impact of major increase taxes on property in Pakistan, political unstable situation in Pakistan and lots of blood shed in financial markets all over the world due to UK exit from EU.

What I expected now and in near future is explained in detailed audio messages here. Please listen to each message. My out look is unchanged.

https://clyp.it/user/524rbdyy

Insha Allah after Eid we will have lots of daily updates for you.

Choudry Mujahid Yasin (CMY)
+ to add your friends and relatives in groups.
>
(74784)
Wednesday, June 29, 2016 02:36 PM PST 

http://e.jang.com.pk//lahore/pic.asp?picname=141.gif

Comments please
>
(74783)
Wednesday, June 29, 2016 01:20 PM PST 
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(74782)
Wednesday, June 29, 2016 12:38 PM PST 
impact of GOVT TAX on property

Dear Members and experts give your valuable comments on GOVT new evaluation of property and impact on property market,Regards

Mian Sb replied on Wednesday, June 29, 2016 01:16 PM PST 

I really think it is going to screw up the market for sure . Disaster !!
CMY plz share your impressions
I think it is inevitable now

AHMAD HASSAN® replied on Wednesday, June 29, 2016 02:00 PM PST 

Short term investors will be eliminated from market. They ve to find other market for their business. Now only genuine buyers who needs to buy for their homes will buy.

Kureshi® replied on Wednesday, June 29, 2016 02:10 PM PST 

I think it will impact the market real bad. More problems for filers.

User_12307® replied on Wednesday, June 29, 2016 02:37 PM PST 

Totally agree with u all..

User_16051® replied on Wednesday, June 29, 2016 03:15 PM PST 

Another milestone accomplished by NOORA LEAGUE

Arif M® replied on Wednesday, June 29, 2016 03:38 PM PST 

People will start realizing its impact once this process starts. It will make process costly as well as time taking. This will push away expat investors as well as short term trading.

Ahsan® replied on Wednesday, June 29, 2016 03:52 PM PST 

I think we need not to panic and wait for its impact. It might affect in short term but again Real estate is a major sector for overseas and local people. We are already paying high taxes and probably more will be imposed. The major impact will be on highly inflated properties particularly some commercials in DHA and Bahria (if they are non-possession).

HussainAli® replied on Wednesday, June 29, 2016 05:34 PM PST 

@Kureshi bhai, how will it create more problems for filers? And how are non-filers saved from it?
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(74781)
Wednesday, June 29, 2016 05:08 AM PST 

How do you see Fazaia and awt as investment ? Compared to DHA rahbar phase 2 Ext
>
(74780)
Wednesday, June 29, 2016 03:14 AM PST 
N S Mughal

Test
>
(74779)
Wednesday, June 29, 2016 02:14 AM PST 

Dear LRE team, please evaluate 512 Q, 1 kanal prism
Thanks.
>
(74778)
Wednesday, June 29, 2016 01:39 AM PST 
For Sale @ UPN, and Buying Requirements

<=== Latest UPN Inventory: 28 June, 2016

:1) :1) :1) :1) :1) :1) :1)

For Buying/Selling in Bahria Town, Please Contact:

Rana Adnan Mudassar
Bilal Shamim
Waqas Naseer
Muhammad Roshan
M. Saleem Ch.

Shahid Yousuf
Iftikhar Ahmad
Mian Zeeshan Rasool
M. Imran Ch.
M. Nabeel

Best Regards,
Universal Property Network
(affiliated with Lahore Real Estate)
https://www.lahorerealesate.com
https://www.lahorerealesate.com/Ads
22 A, Main Boulevard Commercial
(In Front Of Roshaan Center, Near Green Pharmacy)
Sector C, Bahria Town, Lahore

+ (Whatsapp Text)
email:
http://www.ourupn.com

:1) :1) :1) :1) :1) :1) :1)
>
(74777)
Wednesday, June 29, 2016 01:30 AM PST 
>
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